Table 7.

Explanatory Table of Variables.

Variable type	Variable code	Variable name
Explained variables	$\text{ln}\_digi2$	The extent of enterprises' digital transformation
Explanatory variables	$\mathit{lev}$	Capital structure
	$\mathit{size}$	Asset size
	$\mathit{REC}$	Receivable structure
	$\mathit{ROA}$	Profitability
	$\mathit{Mfee}$	Management costs
	$Top1$	Shareholding structure
	$\mathit{SOE}$	Corporate properties
	$\mathit{overseainc}$	Degree of openness
	$\mathit{ecycle}$	Business life cycle
	$\mathit{Firmage}$	Business operation
	$hhi\_d$	Industry competition